When the interest on an investment is compounded continuously, the investment grows at a rate that is proportional to the amount in the account. That is, if the amount present is P, then dP = kP dt where P is in dollars, t is in years, and k is a constant. If $190,000 is invested (when t 0) and the amount in the account after 15 years is $402,230, find %3D the function that gives the value of the investment as a function of t. (Round your value of k to two decimal places.) P = What is the interest rate on this investment? (Round your answer to the nearest whole number.) %
When the interest on an investment is compounded continuously, the investment grows at a rate that is proportional to the amount in the account. That is, if the amount present is P, then dP = kP dt where P is in dollars, t is in years, and k is a constant. If $190,000 is invested (when t 0) and the amount in the account after 15 years is $402,230, find %3D the function that gives the value of the investment as a function of t. (Round your value of k to two decimal places.) P = What is the interest rate on this investment? (Round your answer to the nearest whole number.) %
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 60SE: The formula for the amount A in an investmentaccount with a nominal interest rate r at any timet is...
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When the interest on an investment is compounded continuously, the investment grows at a rate that is proportional to the amount in the account. That is, if the amount present is P, then
dP |
dt |
where P is in dollars, t is in years, and k is a constant. If $190,000 is invested (when t = 0) and the amount in the account after 15 years is $402,230, find the function that gives the value of the investment as a function of t. (Round your value of k to two decimal places.)
P =
What is the interest rate on this investment? (Round your answer to the nearest whole number.)
%
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